Drake Energy Ltd.

October 16, 2009 17:24 ET

Drake Grants Options

Grant of Stock Options to New Officer

CALGARY, ALBERTA--(Marketwire - Oct. 16, 2009) - As announced June 01, 2009, Drake Energy Ltd. ("Drake") (TSX VENTURE:DPE) significantly strengthened its management with the appointment of Greg Hodgson, P. Eng. as Vice-President of Engineering.

Drake announces that the board of directors has resolved, subject to the approval of the TSX Venture Exchange, to grant stock options to purchase 200,000 common shares of the Corporation at an exercise price of $0.09 to the new officer of the Corporation. The stock options vest over a period of eighteen (18) months and expire on October 16, 2014.

"Mr. Hodgson has already made a significant contribution in enhancing operations. His twenty years of engineering experience and his practical application of that experience is making dramatic improvements in our development plans, operations, production levels and especially in cost control," said Drake president, Mr. Neil Orr.

Drake Energy Ltd. is active in oil and gas exploration and development in Alberta and Saskatchewan. Headquartered in Calgary, Alberta, Canada, the Company is publicly traded on the Toronto Stock Exchange Venture Board under the stock symbol DPE.V.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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